More homebuyers are preferring ready-to-move-in properties to reduce execution risk. As per a new report, the share of ready-to-move-in properties in total sales has gone up to 21% in 2020 from 7% in 2015.
As per ‘Real Insight Residential-Annual round-up-2020’ report issued by PropTiger, a total of 1,82,640 units were sold in the 2020 calendar year, of which 21% were in the ready-to-move-in category and 79% were under-construction.
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The share of ready-to-move-in houses has been consistently increasing as homebuyers don’t want to take the risk of delayed property possession. In the past, a large number of projects have been delayed which have made people wary of under-construction properties. Developers generally offer favorable payment plans in case of under-construction properties which make these relatively cheaper compared to ready-to-move-in properties.
“Risk-averse home buyers are increasingly opting for ready-to-move-in flats. Even in under-construction properties, the preference is towards branded developers or those with an impeccable track record of execution,” said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com.
In 2019, a total of 3,47,590 units were sold, of which 18%, that is 62,566, were in the ready-to-move-in category.
Among various cities, the share of ready-to-move-in units in the total sales was the highest in Chennai at 32% and lowest in Hyderabad at 12%, during 2020. However, the share of ready-to-move-in units in the total sales increased the most in the Delhi-NCR at 27% in 2020, up from 17% in the previous year.